BOI urges citizens to apply for FG’s MSMEs grant, loan

The Akwa Ibom State Manager of the Bank of Industry (BOI) Tolulope Toluwase has urged business owners to apply for the Presidential Grants and Loan Scheme for Micro, Small, and Medium Enterprises (MSMEs).

The BOI official gave the advice in his remarks during the formal launch of the scheme on Tuesday in Uyo, Akwa Ibom State capital, saying the Federal Government has budgeted N75 Billion loan to be accessed by the prospective beneficiaries across the States including the FCT.

Toluwase said any applicant who comes out successfully and meets all the requirements shall be given N1 million loan to boost his or her business operations, adding that the repayment plan is monthly for three years.

He said the programme targeted 75,000 MSMEs, 75000 Direct Jobs, and 150, 000 Indirect jobs, adding that applicants must present a guarantor not less than grade level 10 at the federal government civil service, BVN/NIN, four passport photographs, valid means of identification of applicant and guarantor.

“Since it’s a loan there must be some documentation and anyone who wants to access must be in business, must be a sole proprietorship, and must be registered with Cooperate Affairs Commission, (CAC), the interest rate is a single-digit interest rate,” he said.

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Commissioner for Trade and Investment in Akwa Ibom, John James, said the importance of MSMEs in every economy cannot be overemphasized as they are the highest employer of labour in Nigeria.

While thanking the federal government for supporting MSMEs, the Commissioner advised the prospective beneficiaries to ensure they channel the money to appropriate businesses.

He said, “MSMEs employ about 80% of our population and contribute about 40% to our Gross domestic product in Nigeria. We want to thank the federal government led by President Bola Tinubu and our compassionate governor who had supported the MSMEs in Akwa Ibom.”

Meanwhile, one of the beneficiaries of a N50,000 grant Anietie Udoh, a poultry farmer, urged others to apply, saying “This programme is real – no bias, no political dichotomy.”